Oklahoma Educators Credit Union Mortgage Rates, Fees & Info

Oklahoma City, OK

LEI: 254900F4K0YUTIQ7Q952

Tax ID: 73-0742019

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Oklahoma Educators Credit Union is a smaller credit union specializing in Cash Out Refi loans. Oklahoma Educators Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Oklahoma City, Tulsa, Duncan, Shawnee, and Lawton among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Oklahoma Educators Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Oklahoma Educators Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Refi 6.34% 11/21/24
    30 Year Cash-out Refi 6.62% 11/21/24
    15 Year Conventional Refi 8.67% 11/21/24
    15 Year Cash-out Refi 8.67% 11/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Oklahoma Educators Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Oklahoma Educators Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    151

    Origination Dollar Volume (All Markets)

    $20,485,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    OKLAHOMA CITY, OK (FHA|USDA|VA) 104 $14,900,000 $143,269 $3,830 4.14%
    Outside of Metro Areas 14 $1,710,000 $122,143 $3,886 4.45%
    TULSA, OK (FHA|USDA|VA) 11 $1,495,000 $135,909 $4,553 4.68%
    Duncan, OK (FHA|USDA|VA) 6 $500,000 $83,333 $4,359 5.86%
    Shawnee, OK (FHA|USDA|VA) 3 $405,000 $135,000 $4,219 3.71%
    LAWTON, OK (FHA|USDA|VA) 4 $360,000 $90,000 $3,888 5.52%
    Woodward, OK (FHA|USDA|VA) 2 $310,000 $155,000 $4,668 4.31%
    Ardmore, OK (FHA|USDA|VA) 3 $285,000 $95,000 $3,440 6.48%
    Weatherford, OK (FHA|USDA|VA) 1 $225,000 $225,000 $5,501 3.25%
    Tahlequah, OK (FHA|USDA|VA) 1 $115,000 $115,000 $4,906 4.81%
    Stillwater, OK (FHA|USDA|VA) 1 $105,000 $105,000 $3,792 4.80%
    Ada, OK (FHA|USDA|VA) 1 $75,000 $75,000 $3,566 3.75%
    Oklahoma Educators Credit Union's top markets include Oklahoma City, Tulsa, Duncan, Shawnee, and Lawton among others.

    Their top states include:
  • Oklahoma (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Oklahoma Educators Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Municipal Employees Credit Union of Oklahoma City
    Similarity Rank: 208
    WEOKIE
    Similarity Rank: 432
    American Bank of Oklahoma
    Similarity Rank: 459
    TTCU Federal Credit Union
    Similarity Rank: 518
    TRUE SKY
    Similarity Rank: 550
    ALLEGIANCE
    Similarity Rank: 657
    CWM PARTNERS, L.P.
    Similarity Rank: 666
    MORTGAGE CLEARING CORPORATION
    Similarity Rank: 728
    InterBank
    Similarity Rank: 841
    US Employees O.C. Federal Credit Union
    Similarity Rank: 1222

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 151 $20,485,000 $135,662 $3,942 4.35%

    For 2021, Oklahoma Educators Credit Union's most frequently originated type of loan was Conventional, with 151 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 135 $18,225,000 $135,000 $3,980 4.46%
    Refi 15 $2,205,000 $147,000 $3,671 3.43%
    Home Purchase 1 $55,000 $55,000 $3,088 3.85%

    For 2021, Oklahoma Educators Credit Union's most frequently cited loan purpose was Cash Out Refi, with 135 originations. The 2nd most popular reason was Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 64 $10,960,000 $171,250 $4,422 3.72%
    15 Year 29 $3,265,000 $112,586 $3,466 4.18%
    Other 29 $3,335,000 $115,000 $3,799 4.80%
    20 Year 24 $2,630,000 $109,583 $3,775 5.67%
    5 Year 3 $105,000 $35,000 $2,564 5.53%
    10 Year 2 $190,000 $95,000 $2,665 3.15%

    For 2021, Oklahoma Educators Credit Union's most frequently cited loan duration was 30 Year, with 64 originations. The 2nd most popular length was 15 Year, with 29 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 58 $6,980,000 $120,345
    $<1k 38 $3,220,000 $84,737
    $2k-3k 35 $5,725,000 $163,571
    $3k-4k 10 $2,230,000 $223,000
    $5k+ 2 $820,000 $410,000
    $4k-5k 1 $205,000 $205,000

    Oklahoma Educators Credit Union's average total fees were $4,422, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 76 $11,160,000 $146,842
    4-5% 23 $2,985,000 $129,783
    2.5-3% 21 $3,805,000 $181,190
    6-7% 12 $1,110,000 $92,500
    Over 8% 7 $535,000 $76,429
    5-6% 7 $455,000 $65,000
    7-8% 4 $280,000 $70,000
    <2.5% 1 $155,000 $155,000

    During 2021, Oklahoma Educators Credit Union's average interest rate for loans was 3.72%, while their most frequently originated rate bucket for loans was 3-4%, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 70 $10,210,000 $145,857 $4,160 3.98%
    $100,000 or less 56 $3,920,000 $70,000 $3,178 5.24%
    $200k-400k 23 $5,535,000 $240,652 $4,846 3.38%
    $400k-600k 2 $820,000 $410,000 $8,616 3.75%

    2021 saw Oklahoma Educators Credit Union place emphasis on $100k-200k loans with 70 originations, totaling $10,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 41 $5,605,000 $136,707 $4,277 4.27%
    $50k-75k 37 $5,115,000 $138,243 $3,614 4.39%
    $50k or less 29 $2,315,000 $79,828 $3,484 4.96%
    $100k-150k 22 $3,890,000 $176,818 $4,858 4.18%
    $150k-250k 18 $3,170,000 $176,111 $3,826 3.81%
    $250k+ 4 $390,000 $97,500 $2,578 3.88%

    Oklahoma Educators Credit Union lent most frequently to those with incomes in the $75k-100k range, with 41 originations. The second most popular income band? $50k-75k, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 56 $7,200,000 $128,571 $3,989 4.07%
    30-36% 34 $5,200,000 $152,941 $4,335 4.70%
    <20% 17 $2,235,000 $131,471 $3,200 3.72%
    38% 6 $580,000 $96,667 $2,943 4.19%
    36% 5 $755,000 $151,000 $4,428 4.10%
    50-60% 5 $695,000 $139,000 $3,747 4.80%
    39% 5 $535,000 $107,000 $3,468 5.75%
    41% 3 $435,000 $145,000 $4,068 3.54%
    37% 3 $255,000 $85,000 $4,206 5.87%
    42% 3 $565,000 $188,333 $3,229 3.17%
    43% 3 $455,000 $151,667 $4,324 4.80%
    44% 3 $335,000 $111,667 $3,782 5.95%
    40% 2 $340,000 $170,000 $4,221 5.50%
    >60% 2 $220,000 $110,000 $4,298 6.50%
    45% 1 $165,000 $165,000 $4,524 3.13%
    47% 1 $295,000 $295,000 $0 2.85%
    48% 1 $135,000 $135,000 $5,058 3.25%

    Oklahoma Educators Credit Union lent most frequently to those with DTI ratios of 20-30%, with 56 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 130 $18,110,000 $139,308 $3,929 4.30%
    Black 10 $930,000 $93,000 $3,520 4.62%
    Not provided 6 $710,000 $118,333 $4,327 4.83%
    American Indian 3 $325,000 $108,333 $4,551 4.98%
    Native Hawaiian or Islander 1 $235,000 $235,000 $5,303 3.85%
    Asian 1 $175,000 $175,000 $4,221 3.99%

    Approval Rates

    Total approvals of all applications
    94.74%

    Oklahoma Educators Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    45.03%

    Oklahoma Educators Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 151 $20,485,000 $135,662

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    151 $20,485,000 $135,662

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $470,000 $78,333 $2,542 4.44%
    40-60% 25 $2,515,000 $100,600 $3,335 5.18%
    60-80% 70 $8,430,000 $120,429 $3,815 4.43%
    80-100% 49 $9,015,000 $183,980 $4,658 3.83%
    Under 20% 1 $55,000 $55,000 $1,677 3.55%